REQUEST FOR CITY COUNCIL ACTION
DATE: 11/16/2022
TO: Honorable Mayor and City Council Members
FROM: Planning and Development Department
SUBJECT:
Title
Release of the grading security posted by Griffco Land, LLC, for Parcel 4 of Parcel Map 37070 for the Terrano Apartments located at 2804 Fashion Drive.
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EXECUTIVE SUMMARY:
This staff report asks that the City Council approve the release of the grading security associated with Parcel 4 of Parcel Map 37070. The developer has completed the precise grading improvements associated with Parcel 4 for the construction of the Terrano Apartments located at 2804 Fashion Drive and is requesting the release of the posted securities.
RECOMMENDED ACTION:
Recommended action
That the City Council release the Grading and Erosion Control Securities (Bond No. 380846S and Receipt No. DEP16-0176).
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BACKGROUND & HISTORY:
The property located at 2804 Fashion Drive is Parcel 4 of Parcel Map 37070 (PM 37070) and is approximately 13.7 acres. The property is within the Dos Lagos Specific Plan. PM 37070 was approved by the City Council on June 6, 2016. The developer, Griffco Land, LLC, entered into a Precise Grading Agreement and posted securities with the City on November 2, 2016, to commence construction of 276 apartments on the property. The apartments have been constructed and have received the required Certificates of Occupancy from the City to operate.
ANALYSIS:
The site was precise graded in accordance with all City Standards and the approved grading plans. Therefore, it is appropriate to release the grading and erosion control securities posted for the property.
The following is a summary of the securities:
Grading Security
Security No.
Faithful Performance
Receipt No.
Erosion Control
Precise Grading DWG# 16-015P PGR160015
380846S
$ 413,900
DEP16-0177
$12,700
FINANCIAL IMPACT:
All applicable fees have been paid by the developer.
ENVIRONMENTAL ANALYSIS:
This action is exempt pursuant to Section 150...
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